Brief insurance news and digest for the busy executives.
A handy insurance news archive with main focus on Malaysia.
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Saturday, 5 June 2010

Insurance News ING is targeting >RM500 mil NB premiums in 2010, 25% higher than RM433 mil achieved in 2009 (RM375 mil in 2008). NB premiums for Q1 rose by 13%. The 25% growth target would be achieved by growing agency force from current 10,000 to 15,000 this year and capitalising on group insurance and bancassurance. ING is not on a shopping spree on M&A but is in fact in consolidation mode. A new product INGeasi for Health would be launched in July and expect to attract RM50 mil to RM60 mil premiums.

KUALA LUMPUR: ING Insurance Bhd, which is projecting more than 25% in new business premiums this year, is unperturbed by the ongoing merger talks between Prudential Plc and American International Assurance (AIA), saying it will not derail the company’s growth over the next few years.May 29, 2010

Insurance News Prudential is trying to negotiate down the price of acquiring AIA from US$35.5 mil to US$30 mil. A cheaper price will help Prudential in getting 75% "yes" votes from its shareholders on 7 June. Would AIA be willing to lower the price or would it rather revive the IPO plan? Failing to get a lower price, would Prudential still get 75% "yes" votes? Do you prefer to see the deal goes through or falls apart? Things are definitely getting more interesting.

LONDON: Prudential is trying to salvage its US$35.5 billion (US$1 = RM3.31) bid to buy AIG's Asian life insurance unit by negotiating a price cut in a last-ditch attempt to prevent the deal from collapsing...May 29, 2010

Insurance News Allianz General recorded a 29% increase in gross written premium in Q1 2010 compared to the same period in 2009. Meanwhile Allianz Life's new business premiums increased 26%. Profits for Life and General increased 27%. http://bit.ly/dkBHDx

Allianz 2010 Q1 Performance

May 27, 2010

Insurance News The Institute of Actuaries and Faculty of Actuaries will merge after more than 82% of the membership voted in favour of the merger. An attempt in July 2009 to merge the 2 organisations failed when it failed to secure the minimum 75% favourable votes. Changes were since made to the merger proposal. The merged entity will be named the Institute and Faculty of Actuaries. Presumably the fellows of the new organisation will carry the title FIFA?

The UK actuarial profession last night voted with a resounding majority to merge the London-based Institute of Actuaries and the Edinburgh-based Faculty of Actuaries. The new body, to be called the Institute ...May 27, 2010

Insurance News In Jerneh Asia AGM yesterday, no new information was shared on who Jerneh's acquirer is going to be.

PRUDENTIAL Assurance Malaysia Bhd (PAMB)'s new business or annual premium equivalent, comprising retail life insurance sales and Takaful, increased to RM191 million for the first quarter ended March 31, ...May 26, 2010

Insurance News AIA's chief executive Mark Wilson is likely to quit if Prudential succeeds in acquiring AIA. He has apparently said that the proposed takeover is a "disaster waiting to happen".

HONG KONG: Prudential chairman Harvey McGrath yesterday defended a planned takeover of Asian insurer AIA as the British company's shares started trading in Hong Kong and Singapore to help fund the mega-deal...May 26, 2010

Insurance News BNM is expected to announce the successful applicants for the 2 new takaful licences in June. Lets have some fun, submit your 2 guesses below and in June we will announce the name of the person who guesses both answers right first.

Up to two new takaful licences will also be announced. ING, Allianz, Manulife, Great Eastern and AmAssurance are some of the insurers believed to have submitted their applications. An industry observer felt Great Eastern might be one of the successful applicants for the takaful licence.May 24, 2010

Prudential said it has received regulatory approval to start trading its shares on the Singapore Exchange on Tuesday. The counter will trade under the name 'Pru 500 US dollars' and the abbreviated name 'Pru 500.'May 24, 2010